CREX CREATIVE REALITIES, INC.
Price Chart
Executive Summary
Creative Realities filed a new universal shelf registration statement (S-3) on June 4, 2026, registering up to $100 million in securities (common, preferred, warrants, debt), including $37.6M in carry-forward securities from a prior shelf. The company has negative working capital of ~$9.5M at March 31, 2026 (current liabilities of $35.6M vs current assets of $26.1M), an accumulated deficit of $72.6M, and significant debt ($33.5M term debt + $9.5M revolver drawn). The shelf provides maximum financing flexibility but signals likely future dilution given the company's strained liquidity position after the November 2025 acquisition of DDC/CDM.
Actionable Insight
Monitor for prospectus supplements indicating actual takedown size. Given the $37M public float, any ATM or follow-on offering is likely to be meaningfully dilutive relative to current share count (10.6M shares). The company's leverage (33.5M term debt + 9.5M revolver) and negative working capital suggest proceeds would go toward debt repayment and working capital rather than growth. The cross-filing 10-Q shows deteriorating cash reserves vs debt service obligations — a capital event appears probable within 6-12 months.
Key Facts
- New S-3 shelf registration reserves $100M in aggregate securities (common, preferred, warrants, debt), including $37.6M carry-forward from the prior shelf (333-272202).
- Company has negative working capital: current assets $26.1M vs current liabilities $35.6M as of March 31, 2026.
- Accumulated deficit of $72.6M; total shareholders' equity of only $13.1M against $97.1M total liabilities.
- Revolver fully drawn at $9.5M; term debt of $33.5M; Series A preferred stock carries a $30.6M liquidation preference.
- Public float of $37M caps primary offerings to ~$12.3M per 12-month period under General Instruction I.B.6 of Form S-3.
- Prior shelf (2023) registered $46.2M; $37.6M remains unsold, suggesting limited market appetite for CREX equity at prior prices.
- Historical performance on prior CREX reports shows a -3.89% avg T+20 return and only 33% win rate over 3 settled reports.
Financial Impact
Shelf registration of up to $100M, but public float cap of $37M limits primary offerings to ~$12.3M annually. Company had negative working capital of $9.5M and an accumulated deficit of $72.6M at March 31, 2026.
Risk Factors
- Dilution from future offerings under the shelf could be substantial relative to current market cap ($40M).
- Negative working capital of $9.5M and $9.5M revolver fully drawn implies immediate cash needs.
- Accumulated deficit of $72.6M with only $13.1M equity leaves thin cushion against further losses.
- Total debt of $47.5M (term + revolver) plus $30.6M preferred liquidation preference significantly burdens the capital structure.
- Historical prior shelf ($46.2M) had $37.6M go unsold, indicating limited institutional appetite for CREX equity.
Market Snapshot
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-3 Filing (Primary) | 0001437749-26-019569 |
| Exhibit: ex_970618.htm | 0001437749-26-019569 |
| Exhibit: ex_970621.htm | 0001437749-26-019569 |
| Exhibit: ex_970619.htm | 0001437749-26-019569 |
| Exhibit: ex_970620.htm | 0001437749-26-019569 |
| Document: crex20260601_s3.htm | 0001437749-26-019569 |
| Document: 0001437749-26-019569-index-headers.html | 0001437749-26-019569 |
| Document: 0001437749-26-019569-index.html | 0001437749-26-019569 |
| Document: 0001437749-26-019569.txt | 0001437749-26-019569 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 9, 2026
3d ago
|
Press Release
| $3.91 awaiting T+5 | awaiting T+5 | — | $3.61 (−7.67%) |
|
Jun 4, 2026
8d ago
|
S-3
| $4.08 awaiting T+5 | awaiting T+5 | — | $3.61 (+11.52%) |
|
May 15, 2026
28d ago
|
8-K
| $3.75 $3.78 | ▼ −0.80% | ▲ +0.16% | $3.61 (+3.73%) |
|
May 15, 2026
28d ago
|
Press Release
| $3.75 $3.78 | ▼ −0.80% | ▲ +0.16% | $3.61 (+3.73%) |
|
Apr 14, 2026
8w ago
|
8-K
| $3.85 $4.15 | ▲ +7.79% | ▲ +6.40% | $3.61 (−6.23%) |
|
Apr 14, 2026
8w ago
|
Press Release
| $3.85 $4.15 | ▼ −7.79% | ▼ −6.40% | $3.61 (+6.23%) |
|
Apr 7, 2026
9w ago
|
Press Release
| $3.43 $3.85 | ▼ −12.24% | ▼ −6.92% | $3.61 (−5.25%) |
US Market Status
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